SHANGHAI, Apr. 28 (SMM) – LME copper prices tested a high of USD 6,122/mt on Monday and closed up USD 71/mt at USD 6,096/mt on a correction of the US dollar index.
SHFE 1507 copper contract started at RMB 43,740/mt during night session on Monday, and increased before meeting resistance at RMB 44,000/mt. The prices touched RMB 44,140/mt briefly but then fell back to end at RMB 43,940/mt, up RMB 270/mt. Positions in the most active contract increased 11,604 and trading volumes were about 160,000 lots.
Commodities, including iron ore, crude oil, and rubber have posted rebounds lately, but copper may face selling pressure at higher levels. SHFE 1507 copper contract may trade at RMB 43,500-44,300/mt on April 28. Spot copper may be offered at premiums of RMB 100-150/mt to SHFE 1505 copper contract in Shanghai.